McCain did a weird semi-back-off today on Chris Cox, saying that
Cox is "a good man" -- but then insisting that Cox still should
resign. But again, he gave not a single specific, factual reason
why. He just said the problems happened on Cox's watch. Again, that
shows ignorance: Cox can only do what he has statutory authority to
do, and he does not have direct statutory authority to micromanage
financial institutions -- plus, his job elsewhere is merely to
enforce the law and to stop rule-breaking, not to tell companies
like AIG how to run their businesses. McCain did again complain
about a lack of transparency on Wall Street, as if he still hasn't
been told that the one unambiguous triumph of Cox's short tenure
has been his successful effort -- actually, multiple efforts -- to
improve transparency of corporate books, to levels never before
seen on Wall Street. Again, McCain is utterly ignorant, but too
headstrong to even bother learning basic facts about his chosen
subject. His performance all week has been disgusting. Utterly
disgusting. Actually, worse than that: contemptible.
topics:
Business, Books, Law
